Thura U Shwe Mann said Myanmar is learning from the experiences of other countries to improve its legal framework and to simplify administrative formalities to attract more foreign investment to the country.

Mann called on AVIM to continue acting as a bridge to bring more Vietnamese investment to Myanmar particularly in agriculture, hotel, tourism, finance and banking, and to contribute to deepening bilateral relations between both countries.

Established under an initiative by the Bank for Investment and Development of Vietnam (BIDV), AVIM comprises 76 members including PetroVietnam, Vietnam Airlines, Hoang Anh Gia Lai Group and Song Da Corporation.

At present, Vietnamese investors have seven projects worth $600 million in Myanmar with the biggest being Hoang Anh Gia Lai Group’s complex of hotels, apartments and offices worth $440 million.

Fifty-six Vietnamese businesses have been licensed to operate in Myanmar so far, according to Myanmar Investment Commssion (MIC) data.